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Coinbase had yet to process wire withdrawls from over 13 business days ago. What trust can you have in an exchange in which you cannot withdraw your money. Als

Coinbase had yet to process wire withdrawls from over 13 business days ago. What trust can you have in an exchange in which you cannot withdraw your money. Also I dare you to try and get a hold of support at Coinbase. Hint hint you can't.

mancerayder 9y ago
It seems several of the exchanges suffer from this. Are you already fully verified? Have you already withdrawn or is that the first time? Also are you in the US? Fingers crossed, in my case I first verified everything, and both deposited and withdrew cash in the last couple of months. It wasn't quick, but it wasn't as long as 13 business days. More like 6-8.
- cobookman 9y ago
  I am fully verified. Only Coinbase seems to have this issue. And at least the other exchanges have working support.
JoshTriplett 9y ago
> What trust can you have in an exchange in which you cannot withdraw your money. Works fine here. As mentioned elsewhere in the thread, happy people don't typically post about everything working as expected.
- cornyNetHandle 9y ago
  "The Day Today" covered this pretty well in their pool supervisor skit - Pool Supervisor: "This pool's been open nearly 40 years, and, in all that time I only slipped up once, to my mind. I was engaged in a particularly tricky word puzzle and 40 people had broken in and were in the pool, playing around, ducking, bombing and doing all manner of prohibited activities, and eventually someone was killed." Interviewer: "But given that your sole responsibility is to maintain the security of the pool, isn't that an indictment against yourself?" Pool Supervisor: "Well, I would say this - I've been working here for 18 years, and in 1975 no one died. In 1976, no one died. In 1977, no one died. In 1978, no one died. In 1979, no-one died. In 1980... someone died. In 1981, no one died. In 1982 there was the incident with the pigeon. In 1983, no one died. In 1984, no one died. In 1985, no one died. In 1986... I mean, I could go on." Interviewer: "No." Pool Supervisor: "Right."
kindfellow92 9y ago
You probably accidentally did an ACH transfer instead of a wire transfer. Coinbase does not support ACH.
- lgas 9y ago
  If they don't support ACH, how could you do an ACH transfer by mistake?
  - kindfellow92 9y ago
    Transfers aren’t synchronous operations.
    - lgas 9y ago
      I assume I'm missing something obvious, but presumably there would have to be a big button labeled "Start ACH transfer" on the coinbase website, and if they don't support ACH transfers, they just wouldn't put that button there?
      - deleted 9y ago
        [deleted]
- cobookman 9y ago
  Nope. I did a wire. I have called my bank and coinbase's bank and neither have seen the wire. There's plenty of people online complaining that wires in and out of Coinbase from December 12-18th have yet to process. There's even a class action lawsuit being formed about it. My worst fear is that Coinbase is insolvent.
  - ghughes 9y ago
    > My worst fear is that Coinbase is insolvent. Surely they would have to be thoroughly pwned for that to be true? They claim that 98% of customer funds are in cold storage, and they ought to be raking it in on transaction fees and with BTC being up 1372% this year. They also raised a $100M Series D round in August. It's not impossible, but highly unlikely.
ghughes 9y ago
I can attest to this. I filed a ticket over a week ago because I'm locked out of my account. It took them 8 days to reply with a canned response, then 5 more days to say they don't have an answer for me yet because they're so busy. This isn't acceptable for what is essentially a bank that just raised $100M at a $1.6B valuation.
- newyankee 9y ago
  I am in a similar but pretty worse scenario, unable to withdraw a lot of funds and id is expired, waiting for renewal.
  - thelittleone 9y ago
    Have you considered having an attorney send them a letter of demand?
    - Keeeeeeeks 9y ago
      Wouldn't it be cheaper for him to just wait for his new ID to arrive so he can get verified?
      - thelittleone 9y ago
        You're right but if that fails (as it has in my case) what then? How much support is reasonable to expect from a company that holds your money?

mancerayder 9y ago

It seems several of the exchanges suffer from this. Are you already fully verified? Have you already withdrawn or is that the first time? Also are you in the US? Fingers crossed, in my case I first verified everything, and both deposited and withdrew cash in the last couple of months. It wasn't quick, but it wasn't as long as 13 business days. More like 6-8.

cobookman 9y ago
I am fully verified. Only Coinbase seems to have this issue. And at least the other exchanges have working support.

JoshTriplett 9y ago

> What trust can you have in an exchange in which you cannot withdraw your money. Works fine here. As mentioned elsewhere in the thread, happy people don't typically post about everything working as expected.

cornyNetHandle 9y ago
"The Day Today" covered this pretty well in their pool supervisor skit - Pool Supervisor: "This pool's been open nearly 40 years, and, in all that time I only slipped up once, to my mind. I was engaged in a particularly tricky word puzzle and 40 people had broken in and were in the pool, playing around, ducking, bombing and doing all manner of prohibited activities, and eventually someone was killed." Interviewer: "But given that your sole responsibility is to maintain the security of the pool, isn't that an indictment against yourself?" Pool Supervisor: "Well, I would say this - I've been working here for 18 years, and in 1975 no one died. In 1976, no one died. In 1977, no one died. In 1978, no one died. In 1979, no-one died. In 1980... someone died. In 1981, no one died. In 1982 there was the incident with the pigeon. In 1983, no one died. In 1984, no one died. In 1985, no one died. In 1986... I mean, I could go on." Interviewer: "No." Pool Supervisor: "Right."

kindfellow92 9y ago

You probably accidentally did an ACH transfer instead of a wire transfer. Coinbase does not support ACH.

lgas 9y ago
If they don't support ACH, how could you do an ACH transfer by mistake?
- kindfellow92 9y ago
  Transfers aren’t synchronous operations.
  - lgas 9y ago
    I assume I'm missing something obvious, but presumably there would have to be a big button labeled "Start ACH transfer" on the coinbase website, and if they don't support ACH transfers, they just wouldn't put that button there?
    - deleted 9y ago
      [deleted]
cobookman 9y ago
Nope. I did a wire. I have called my bank and coinbase's bank and neither have seen the wire. There's plenty of people online complaining that wires in and out of Coinbase from December 12-18th have yet to process. There's even a class action lawsuit being formed about it. My worst fear is that Coinbase is insolvent.
- ghughes 9y ago
  > My worst fear is that Coinbase is insolvent. Surely they would have to be thoroughly pwned for that to be true? They claim that 98% of customer funds are in cold storage, and they ought to be raking it in on transaction fees and with BTC being up 1372% this year. They also raised a $100M Series D round in August. It's not impossible, but highly unlikely.

ghughes 9y ago

I can attest to this. I filed a ticket over a week ago because I'm locked out of my account. It took them 8 days to reply with a canned response, then 5 more days to say they don't have an answer for me yet because they're so busy. This isn't acceptable for what is essentially a bank that just raised $100M at a $1.6B valuation.

newyankee 9y ago
I am in a similar but pretty worse scenario, unable to withdraw a lot of funds and id is expired, waiting for renewal.
- thelittleone 9y ago
  Have you considered having an attorney send them a letter of demand?
  - Keeeeeeeks 9y ago
    Wouldn't it be cheaper for him to just wait for his new ID to arrive so he can get verified?
    - thelittleone 9y ago
      You're right but if that fails (as it has in my case) what then? How much support is reasonable to expect from a company that holds your money?